Wednesday July 16th, 2025 2:17AM

AFC Enterprises sees stock relisting soon

By The Associated Press
<p>AFC Enterprises Inc., the operator of Popeyes Chicken & Biscuits, Church's Chicken and Cinnabon, Tuesday said it hopes to soon file its delayed quarterly reports for 2003.</p><p>Such a move would allow the Atlanta-based company to apply for relisting on the Nasdaq Stock Market.</p><p>The company was delisted last year after failing to file timely reports.</p><p>AFC's Chairman and Chief Executive Frank Belatti did not give a specific date for the filing, but said it "shouldn't be too far away."</p><p>AFC filed its annual report for 2003 late Monday.</p><p>Once it files last year's quarterly numbers, AFC intends to provide investors with earnings projections for this year and next, as well as an outline of its strategic direction.</p><p>In 2003, AFC lost $9.1 million, or 33 cents a share, compared with a loss of $11.7 million, or 37 cents, in 2002. Revenue fell to $459.3 million from $524.7 million, reflecting the sale of 174 company-operated restaurants to franchisees in 2002.</p><p>AFC also sold its Seattle's Best coffee brand to Starbucks Corp. last year and used the proceeds to reduce debt.</p><p>Management said it hopes to name a new president for the Popeyes chain within 30 to 45 days.</p><p>The flagship chain has been under interim leadership for months and performance so far this year has been "disappointing," according to the company.</p>
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